Apple’s India business surpasses $23 billion as manufacturing growth reaches 50-year high

New Delhi: A surge in iPhone manufacturing and domestic sales of MacBooks, iMacs, iPads, Watches and AirPods lifted the value of Apple’s India operations to over Rs 2 lakh crore ($23.5 billion) in FY24, top officials said, up from Rs 1.15 lakh crore in the year before. They told ET that Apple has likely exhibited the fastest growth in production and exports by any company in the last 50 years in India, making the Cupertino-based tech giant the largest global value chain (GVC) operating domestically. Apple is also the first GVC in India that is rapidly shifting in part of its supply chain from China.